According to E!, singer-songwriter Owens, 26, is the former frontman for the punk group Chiodos, and is now signed to Wentz' s record label, Decaydance. This summer, Owens will tour with a new group Wentz helped organize, D.R.U.G.S. (Destroy Rebuild Until God Shows).
Back in January 2010, Wentz even gushed to MTV News that Owens was his favorite new artist.
So what does Wentz think of his protege's new potential romance with his future ex-wife?
"Pete did a lot for this guy," a Wentz source tells UsMagazine.com. "Craig was in another band and got kicked out. Pete found Craig, built a band around him and signed him. He's shocked at how this guy is repaying him."